According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Smart Grid Market will cross USD 70 Billion by 2024. In the recent years, smart grid market has earned substantial revenue due to the increasing awareness about the incredible benefits provided by these products. In addition, this vertical has also received quite some impetus on account of the rising requirement of power grids that can accommodate and support increasing numbers of electronic devices in each household. The importance of smart grids has been recently upheld by the city council of Sault Ste. Marie in Canada when a multi-million-dollar implementation of smart grid technology was cleared.

Smart Grid Market to witness 11% CAGR till 2024

Top Key Players include Siemens, GE, ABB, Wipro Limited, Oracle, IBM, Cisco, Belden Inc., Landis+Gyr, Itron, Inc., Honeywell, Fujitsu Global, Hubbell Incorporated, Schneider Electric

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Smart Grid Market will cross USD 70 Billion by 2024. In the recent years, smart grid market has earned substantial revenue due to the increasing awareness about the incredible benefits provided by these products. In addition, this vertical has also received quite some impetus on account of the rising requirement of power grids that can accommodate and support increasing numbers of electronic devices in each household. The importance of smart grids has been recently upheld by the city council of Sault Ste. Marie in Canada when a multi-million-dollar implementation of smart grid technology was cleared.

Smart Grid Market in UK will witness growth on account of supportive regulatory frameworks pertaining to energy conservation and environmental sustainability. The mandated nationwide rollouts and legislative directives toward smart meters will further fuel the industry growth. The Energy Networks Association (ENA) plans to implement a local energy market as part of their smart grid plan that would allow business and households to trade electricity, thereby supporting energy conservation. Smart Grid Market in U.S. industry was estimated over USD 3 billion in 2017. Frequent blackouts and the incessant need for energy conservation will augment the industry landscape. Implementation of grid automation programs to reinforce communication flexibility and distributed intelligence of the national power infrastructure will further fuel the industry growth. 

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Hubbell Incorporated 
2. Schneider Electric 
3. Siemens 
4. GE  
5. ABB 
6. Wipro Limited 
7. Oracle 
8. IBM 
9. Cisco 
10. Belden Inc. 
11. Landis+Gyr 
12. Itron, Inc.
13.
Honeywell   
14. Fujitsu Global

Europe smart grid market will witness growth on account of substantial investments toward smart meter roll outs owing to favorable energy and climate policies. The EU aims at replacing atleast 80% of electricity meters with smart meters by 2020. The ongoing integration of renewable energy into power grids is further creating significant growth prospects in the region.

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Europe smart grid market will witness growth on account of substantial investments toward smart meter roll outs owing to favorable energy and climate policies. The EU aims at replacing atleast 80% of electricity meters with smart meters by 2020. The ongoing integration of renewable energy into power grids is further creating significant growth prospects in the region.

Growing energy demand accompanied by rising concerns pertaining to unplanned power outages and environment protection will drive the smart grid market growth. Substantial influx of digital technologies, including the Internet of Things(IoT) will positively impact the business scenario. Extensive and sturdy deployment of smart meters across utilities will further strengthen the need for smart grid.

Communication and wireless infrastructure smart grid market is anticipated to expand over 20% by 2024. Increasing need for IoT intervention to improve grid efficiency, customer services and demand management across power utilities will boost the product demand. Digitalizing the grid using advanced cloud computing technology and sensors aids in monitoring consumption patterns and provides real time information on electricity usage. 

Growing investments toward grid digitalization through the implementation of advanced communication technologies will foster the market growth. Growing focus toward renewable grid integration coupled with intensifying need to upgrade ageing electricity infrastructure will further facilitate the large-scale deployment of these grids.

The smart grid ecosphere has the exact same purpose as any conventional grid system- to supply power when and where required. However, a shifting preference towards the generation and use of sustainable energy resources will gradually render the conventional grids obsolete, adding a renewed dynamism to the smart grid market trends. Solar, wind and hydro power generation have swiftly gained popularity but harnessing energy from these resources has its own challenges. A key obstacle in the supply of sustainable energy is that these sources are not available everywhere and their output is not as reliable as the conventional sources.

End use systems, in 2017 accounted for over 30 % of the global smart grid market share. Transparent communication of consumption patterns, lower outage response duration, improved utilization of resources and high energy efficiency will sustain the product penetration across customer side systems. These systems facilitate utilities to proactively provide services and information to end users.

Speaking about China’s investment in the smart grid market it will be prudent to mention that other Asian countries are also recognizing the potential of a smart grids. Indeed, APAC smart grid industry is estimated to grow over 12% over 2018-2024. Citing an instance, the Indian government recently announced that it would develop a smart grid project in the financial and technological hub near New Delhi, Gurugram. The underground smart grid is expected to be completed by 2022, saving 120-150 MW of electricity every day and solving the long-standing issues of power theft and technical faults.

Key industry participants in the smart grid market include ABB, GE, Siemens, Schneider Electric, Hubbell Incorporated, Fujitsu Global, Honeywell, Itron, Inc., Landis+Gyr, Belden Inc., Cisco, IBM, Oracle, and Wipro Limited. 

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.[COURTESY-openPR World Wide Public Relations]

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